Document 37JbNXKOnadyrd30wq4N6OkQJ

FILE NAME: Crane Company (CRC) DATE: 1969 Apr 15 DOC#: CRC056 DOCUMENT DESCRIPTION: Newspaper Article - The Wall Street Journal THE WALL STREET JOURNAL, Tuesday, April IS, 1069 Creme Co. Pirns Entry Into RealEstate W orld T hrough m Acquisition By a W ai.i, S tkbbt J ournal Staff R etiorler , NEW YORK--Crane Co., a manufacturer of ' valvea, pumps and equipment for water treat ment, plumbing, and heating, said it plans to ( ' enter the real estate development business , through the acquisition of Rossmoor Corp., a Laguna Hills, Calif., builder of planned com- , munlties, shopping centers, medical, centers , and apartments. ' Crane said it agreed to purchase Rossmoor, a closely held concern, for more than $30 mil lion, payable in the form of a subordinated note . due 1994, with 7% interest payable beginning 12 r ' months after the closing date. Crane said th at Ross W. Oortese, Ross- moor's president and principal owner, would continue to operate the company With his pres ent organization. . Rossmoor has built more than 25,000 rest- dential units, most of them in Leisure World " adult" communities, Crane said. The com pany added that Rossmoor's current financial results weren't available. Rossmoor's principal holdings are about 2, 400 acres of undeveloped and partially devel oped land, buildings and shopping centers in Laguna Hills and Walnut Creek, Calif., Monroe i Township, N.J., and Montgomery County, Md., Crane said, Rossmoor also owns utility compa nies in California and New Jersey. ' C R M C -M c D o n n e ll-C ra n e -0 0 0 168